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The tide has turned!

I believe we are ready for a change in the market. The tide turned for a client of mine this past Saturday. Countrywide reworked his loan by lowering his interest rate by 4%. Can you believe it?

He has been on the phone with them for almost nine months. We have been strategizing, hoping and praying for something like this for almost a year now. I actually listed his home about a month ago in anticipation of doing a short sale and lowered the price on Friday to get serious. On Saturday morning, low and behold my client called with the good news. We are both doing the HAPPY DANCE! I'm so pleased to be able to withdraw this listing from the market. One less piece of inventory and a happy client!

The best part is that he never missed a payment, and his credit is still intact. He was just getting ready to stop making payments to save up enough money to rent another place and walk away from this one.

I think Bank of America taking over Countrywide has been a good thing, and we will be seeing less foreclosures as a result of their superior management. Hurray!!!!

Posted by Linda Sanderson on 03/04/2008 08:02 PM

Comments (16)

countrywide, bank of america, foreclosure, interest rates

16 Comments on The tide has turned!

MAR

2008

I have been concerned how the takeover would affect customers- good to hear this positive news.

That is great news. I think it it great that people who have been making there payments should have a chance to keep thier homes. I dont see why a mortgage company wouldnt be willing to accept a more reasonable rate if it means avoiding foreclosure

That's great news for your client. We all need to hear more stories like this!

The CountryWide/B of A deal isn't a done deal yet, right?

I hope you get plenty of referrals to make up the time and energy you spent on this no-sale. Plus, they might still want to move in the near future and you know you'll get the listing!

That is good news! Better to work with a good mortgage client and help him to keep his home rather than foreclose, the bank owning the property, and having to sell at a loss, keeping values down. This is a great example of COMMON SENSE!

MAR

2008

Debra - I was a bit concerned about the takeover as well. Countrywide has been getting so much bad press I was wondering what B of A was doing, but I have a feeling they know exactly what they're doing. I hope it keeps going just like this. Thanks for your comment. I think we can all use some positive news these days.

Rob - I couldn't agree with you more. This fellow made all his payments and tried so hard to keep it together financially. We had many conversations in the last 6 months or so about what he could do to keep his home. I'm so happy he took the high road by continuing to make his payments to save his credit rating. Now it has paid off and his reward is he gets to keep that dream home he bought awhile back. I think the bank will still make money on the loan and save themselves a lot of grief by doing this for him. We're going to have lunch and celebrate next week! Thanks for stopping by to comment.

Amanda - I'm honestly not sure if that deal is complete yet or not, but the rumor I heard was that it just went through last week, but you know how true those rumors can be. If this is an indication of what's coming, I'm a happy girl. Spread the news Amanda, it's all good. :-)

Donna - Thanks for stopping by to comment. I'm confident that my client will keep me in mind for his real estate needs, and I've asked for his referrals as well. It feels so good to know that his needs have truly been met. He still has his home, and that's what my motto is. I tell my clients, "Your needs come first with me", and I really mean it. Thank you for your words of encouragement.

Deborah - Common sense says it all, you are so right. I wish more of the other banks would be more willing to work with homeowners like this. The housing market would turn around immediately if they would just help these homeowners save their investments. Eliminating the majority of the inventory would do wonders for the market. It would stabilize the prices and bring the market back to a bit of normalcy. (if there is such a thing) There will always be another opportunity to make more money. They don't need to make it all in one day.

MAR

2008

Linda,

I hope & pray you are right. I have a client that tried to do a loan modification with Countrywide, sent in documents over a 6 month period, called weekly and finally received a call Christmas eve telling her that it didn't look good, her debt to income ratio was too high. Since her sale date was February 2, she put her home on the market. On January 31st she received an offer (short sale). On February 1st she filed bancrupcy to stall the sale date & work the short sale.On February 1st we called Countrywide to find out who to send the short sale documents to and were told the loan modification was approved January 31st, and then cancelled February 1st due to the bancrupcy. Since February we have been trying to get the short sale approved, and still waiting. The buyers mortgage expires on March 19th. Calling daily and hoping.

Billie - Your story is heartbreaking. I'm so sorry for your client. How agonizing all of this must be for them. I guess once you file for bankruptcy there must be no going back? These kind of stories just make me sick to my stomach. I am so ready for all of the REOs to go away. I'm sure there are still more on the horizon, but my clients story still gives me hope that things will get better soon. At least the banks are starting to work with their clients now. Even your client was going to get the help, but it came too late. Hopefully their timing will improve for others. Thanks for stopping by to comment. Good luck to you and your client.

MAR

2008

Hi Linda-I think you will see more banks doing this and thank goodness. We all have to get through some of these trying times...aint it great...no foreclosure because of cooperation...I don't know...I would mark the date on the calendar it sure does not happen to often.